SRC Wealth Management | a Chartered Financial Planning company that provides specialist advice on defined benefit pension transfers

Getting it right because you can’t afford to get it wrong

We are one of the few companies authorized to advise on and arrange defined benefit transfers.

Transferring a defined benefit pension is a complex and irreversible transaction that requires specialist advice. Understanding the pros and cons of transferring your benefits is therefore essential before you take any action. In fact if your benefits have a cash value in excess of £30,000 the Government will require you to take professional financial advice.

With life expectancy increasing and investment returns diminishing, many defined benefit schemes are looking to reduce their liabilities by offering enhanced transfer values. It’s important to remember however, that although a ‘cash equivalent transfer value’ (CETV) may look attractive, you will be giving up an income that is guaranteed for life.

All that that said, for some, transferring a defined benefit pension does make sense. Clients that we have helped in the past include those that are:

  • Single with no financial dependents
  • Civil partners/same sex marriage
  • In poor health, or whose life expectancy is limited
  • Independently wealthy and not solely reliant on their pension in retirement
  • Looking for the flexibility to control their income

We will research your situation thoroughly and provide you with comprehensive transfer analysis report. If we recommend you proceed with the transfer, then we will arrange the transaction for you and provide ongoing advice (please note that for your protection, we will only offer our transfer service to clients that appoint us to provide ongoing advice).

Please refer to our ‘Final Salary Transfer Service’ brochure below for details about our transfer service.

SRC’s Defined Benefit Transfer ServiceS SRC’s Defined Benefit Transfer ServiceS

You can find more information about final salary transfers in our ‘Defined Benefit Transfer Guide’ download below.

SRC’s Defined Benefit Transfer Guide SRC’s Defined Benefit Transfer Guide

The Money Advice Service, Your pension it’s time to choose The Money Advice Service, Your pension it’s time to choose

The Pension Advisory Service, Transferring your pension The Pension Advisory Service, Transferring your pension

SRC’s Defined Benefit Transfer Fees
  • Initial guidance meeting - No charge
  • Pension Transfer Report - £2,500 (payable irrespective of whether a transfer is recommended)
  • Implementation Fee - 0.95% (maximum) of Cash Equivalent Transfer Value
  • Ongoing Advice Fee - 0.65% (maximum) of residual fund post transfer

As an example, a transfer sum of £800,000 would attract an Implementation Fee of £7,600 and an Ongoing Advice Fee of £5,200. Note, it will be possible to deduct these fees and the ‘Transfer Report Fee’ from the transfer payment.

Please remember that this example does not include any costs related to the receiving pension scheme or underlying investments.

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